The European Payments Initiative (EPI) has officially launched Wero, a mobile wallet and instant account-to-account payment solution, in Belgium.
Wero gains momentum with Belgium launch
Following successful rollouts in Germany and France earlier this year, Wero is now available to customers of BNP Paribas Fortis, Belfius, ING, and CBS via their banking apps.
With its sights set on becoming the go-to Pan-European digital wallet, EPI aims to unify payment functionalities under a single, secure solution tailored for the Single Market.
A Pan-European Vision
Wero has already garnered substantial traction. Since its initial launch, 14 million users have enrolled, processing 8 million transactions.
The wallet allows users to make instant payments within 10 seconds using a phone number, email address, or QR code.
This streamlined service eliminates the need for IBANs and operates like a direct debit, ensuring a seamless experience for peer-to-peer transfers.
The Netherlands and Luxembourg are slated to join the initiative soon, building on EPI’s recent acquisition of iDeal in the Netherlands and Payconiq International in Luxembourg.
These strategic moves aim to create a unified instant payment scheme and platform across Europe, positioning Wero as the continent’s first comprehensive cross-border payment solution.
Tackling Financial Sovereignty Challenges
The urgency for a sovereign European payment system has grown in recent years, particularly after Visa and Mastercard suspended services in Russia following the 2022 invasion of Ukraine.
This disruption exposed Europe’s over-reliance on non-European payment systems, highlighting the need for a robust and independent financial infrastructure.
Wero is well positioned to address these concerns, leveraging the backing of major European banks and its instant payment capabilities to compete with the likes Visa, Mastercard and PayPal.
However, EPI acknowledges the challenges ahead. Achieving widespread consumer adoption and expanding into additional European markets will be crucial for Wero’s success.
While Wero’s ambitions are lofty, EPI remains realistic about its current standing.
Martina Weimert, CEO of EPI, describes Wero as “a kind of startup,” emphasising that its journey toward becoming a dominant player in the global payments market will take time and strategic planning.
As Europe continues its push for financial sovereignty, Wero offers a glimpse into a future where secure, instant, and unified cross-border payments are the norm.
With its innovative approach and strong banking partnerships, Wero has laid a solid foundation to reshape the European payments landscape.
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